Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev Thread | Next Thread
Author: bta3 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121112  
Subject: ira withdrawl Date: 3/2/2001 11:55 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I had a premature distribution (in 2000) from my IRA for a home purchase. The amount included my contributions for 2000 (I contributed in Jan 2000 for tax year 2000). Can I make a contribution now (before Apr 15) for the year 2000?

(Thanks TMFKaren)
Print the post Back To Top
Author: pmarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 47545 of 121112
Subject: Re: ira withdrawl Date: 3/2/2001 12:23 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
I had a premature distribution (in 2000) from my IRA for a home purchase. The amount included my contributions for 2000 (I contributed in Jan 2000 for tax year 2000). Can I make a contribution now (before Apr 15) for the year 2000?

No. You only get to contribute $2,000 per tax year. What you do with it later is irrelevant.

Phil Marti
VITA Volunteer

Print the post Back To Top
Author: bta3 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 47784 of 121112
Subject: Re: ira withdrawl Date: 3/6/2001 9:56 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0

Pertaining to this topic, if I did make another contribution for the year 2000, I would have an excess contribution. I can then regard the earlier distribution as withdrawl of excess contribution. Is this scenario viable?

Print the post Back To Top
Author: pmarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 47793 of 121112
Subject: Re: ira withdrawl Date: 3/6/2001 12:26 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
Pertaining to this topic, if I did make another contribution for the year 2000, I would have an excess contribution. I can then regard the earlier distribution as withdrawl of excess contribution. Is this scenario viable?

If I understand you, you want to pretend that a distribution in year 2000 was of an excess contribution made in 2001 (allocated to year 2000). No, you can't do that. At the moment there is no excess contribution. If you make another contribution for year 2000, you have to withdraw the amount of the new contribution to avoid the excess contribution tax.

Phil Marti

Print the post Back To Top
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev Thread | Next Thread
Advertisement